Global product engineering services market is projected to grow at a significant CAGR of around 9.5% during the forecast period (2020-2026). The growth of the product engineering services market across the globe is backed by the rising integration of advanced technologies, such as IoT, AI, Big Data, and others. With the rising adoption of automation, AI, IIoT (industrial internet of things), the demand for technologically advanced services is increasing across the globe. Therefore, there are several market players that are expanding their product base with these emerging technologies. VOLANSYS Technologies and Persistent Systems are among the major providers of IoT-based product engineering services.
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Businesses are integrating AI in products engineering services, to decrease the processing time and increase the TTM (Time To Market). Therefore, IoT and AI can be regarded as the game changer of the product engineering services market during the forecast period. Moreover, the governments in the emerging economies, such as India and China, are focusing on promoting the industrial sector in the respective countries with the introduction of subsidies and initiatives for SMEs. This, in turn, is offering growth to the manufacturing sector in these economies, which will offer growth opportunity to the market players offering advanced technologies in products engineering services to expand their market base in these economies.
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Global Product Engineering Services Market – Segmentation
By Service
Ø Product and Component Design
· New Product Development
· Design Support Services
· Software Engineering
· Hardware Engineering
· Others
Ø Process Engineering
Ø Maintenance, Repair, and Operations
Ø Others
By Organization Size
· Small and Medium Enterprises (<1000 Employees)
· Large Enterprises (>1000 Employees)
By End-Use Industry
· Healthcare
· Automotive
· Aerospace & Defense
· Energy & Utilities
· Industrial Manufacturing
· Others
Global Product Engineering Services Market – Segmentation
North America
· United States
· Canada
Europe
· UK
· Germany
· Spain
· France
· Italy
· Rest of Europe
Asia-Pacific
· India
· China
· Japan
· South Korea
· Rest of APAC
Rest of the World
· Latin America
· Middle East & Africa
Company Profiles
· Accenture plc
· Alten Group
· Altran (Capgemini Service SAS)
· Cognizant Organization Size Solutions Corp.
· Cygnet Group of Companies
· Damco Group
· EPAM Systems, Inc.
· Happiest Minds Technologies Pvt. Ltd.
· IBM Corp.
· Infosys Ltd.
· Luxoft Holding, Inc.
· Mistral Solutions Pvt. Ltd.
· Nous Infosystems
· Pactera Technologies NA, Inc.
· Rapidvalue Solutions
· Sourceedge Software Technologies Pvt. Ltd.
· Tata Consultancy Services Ltd.
· Tech Mahindra Ltd.
· Trigent Software, Inc.
· UST Global, Inc.
· Wipro Ltd.
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